Shree Cement has completed the acquisition of a cement grinding unit of Jaiprakash Associates for Rs 358.22 crore. The acquisition of a 1.5 mtpa cement grinding unit of Jaiprakash Associates, situated at Panipat, has been consummated on April 27, 2015 for an aggregate consideration of Rs 358.22 crore, Shree Cement said in a filing to the BSE.
In August last year, the board of Jaiprakash Associates had approved the sale of the unit on a going concern basis to Shree Cement. After the acquisition, Sree Cement?s capacity stands at 19 mtpa with facilities in Rajasthan, Uttarakhand, Bihar and Haryana.